Economist Peter Schiff slammed President Donald Trump’s decision to impose a one-year cap on credit card interest rates at 10%, warning that it could lead to a credit crunch for borrowers.
Schiff Slams Trump’s ‘Socialist’ Move
On Sunday, in a post on X, Schiff described Trump’s proposal as being “unconstitutional,” and a form of “socialist price control,” which Trump himself had criticized former Vice President Kamala Harris for proposing on grocery prices while on the campaign trail last year.
Schiff also warned that the move could disrupt consumer lending markets, saying that the proposed cap “will force lenders to cut credit limits and close accounts for higher-risk borrowers.”
Trump called for the cap to be implemented by credit card companies by Jan. 20, 2026, the first anniversary of his second term in office.
The proposal is part of a broader wave of populist …Full story available on Benzinga.com
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